HomeMy WebLinkAboutLetterLAW OFFICES OF STEVEN MISHAN, P.A.
848 BRICKELL AVENUE
SUITE 1100
MIAMI, FLORIDA 33131
Steven Mishan, Esq
Steven@mishanlaw.com
March 7, 2008
VIA FACSIMILE AND U.S. MAIL
Model Housing Cooperative, Inc.
9041 N. Kendall Drive
Miami, Florida 33176
Attn: Mr. Robert Godoy
Model Housing Cooperative, Inc.
c/o John M. Little, Esq.
Legal Services of Greater Miami, Inc.
3000 Biscayne Blvd.
Suite 500
Miami, FL 33137
TELEPHONE 305-577-5999
FACSIMILE 305-374-5356
TOLL FREE (877) 577-5999
Re: SunTrust Bank/Model Housing Cooperative, Inc.
Notice of Declaration of Default
Gentlemen:
Silver, Garvett & Henkel, P.A.
Of Counsel
This office represents SunTrust Bank in connection with its first mortgage on the Model
Housing project consisting of a 32 unit condominium project located at 1475-1479 W. Flagler
Street, Miami, Florida 33125.
SunTrust Bank hereby declares default under its note and mortgage and other loan documents
effective immediately as a consequence of the following matters:
1. The note and mortgage have long since matured and the time periods set forth in the
forbearance agreements have expired. The project is incomplete with no completion date in
sight.
2. Failure to make payment of the February and March interest, late fees, etc. As of this
date the mortgage balance is $2,754,695.31 with interest now accruing at the default rate
specified in the note.
3. The project is incomplete and the developer/mortgagor has failed to submit a firm list
of the purchasers, failed to obtain approvals from the city and county for the purchasers, and no
lenders have been designated or commitments from lenders submitted to fund the purchases.
4. Upon advice of the general contractor, installation of appliances cannot be installed
because of an absence of security at the project.
5. Change orders are apparently necessary and have not been signed or funded.
6. Such other defaults as are provided in the loan documents both monetary and non -
monetary.
Demand is hereby made for full payment of the outstanding mortgage note balance failing in
which SunTrust Bank shall without further notice commence foreclosure and shall exercise all
rights provided under Florida law and those set forth under the mortgage, note and loan
documents.
Govern yourselves accordingly.
y yours,
tev 'n Mishan
SM:ig
cc: SunTrust Bank
Cynthia Brannon
Miami Dade County
701 NW First Court
14' Floor
Miami, FL 33136
Shannon D. Summerset, Esq.
County Attorney's Office
Miami Dade County
701 NW First Court
14th Floor
Miami, Florida 33136
City of Miami
444 SW 2°d Avenue
2°d Floor
Miami, FL 33130
Ilene Temchin, Esq.
Assistant City Attorney
Suite 945
444 SW 2"d Avenue
Miami, FL 33130
Miami Dade County Manager's Office
701 NW First Court
14th Floor
Miami, FL 33136
City of Miami, Manager's Office
444 SW 2"d Avenue
Miami, FL 33130
Maria Rodriguez -Porto, Esq.
Miami Dade OCED
701 NW First Court
1e Floor
Miami, FL 33136
Lori Soto
City of Miami
444 SW 2"d Avenue
2❑d Floor
Miami, FL 33130
George Mensa
Project Director
City of Miami
444 SW 2"d Avenue
2"d Floor
Miami, FL 33130